Toward the end of trading Wednesday, the Dow traded down 1.88 percent to 12,996.60 while the NASDAQ fell 2.06 percent to 2,949.81. The S&P also fell, decreasing 1.87 percent to 1,401.68.

Top Headline
Early Wednesday morning, President Barack Obama was declared the early winner of the 2012 presidential election as he was voted in for a second term. Coal stocks are expected to take a hit from the President's re-election, while Gold and renewable energy stocks are expected to get a boost.

Commodities
In commodity news, oil traded down 4.72 percent to $84.51, while gold traded up 0.27 percent to $1,723.90.

Silver traded down 0.16 percent Wednesday to $31.87.

Eurozone
European markets were largely down Wednesday morning following the US presidential election. Traders may also have been wary of the coming Greek Austerity vote, the results of which are expected after the European close today.

In other news, the ECB President Mario Draghi came out with some comments this morning, saying that the euro crisis was impacting the German economy, while Olli Rehn stated that the economic recovery should strengthen in 2013.

Economics
There are no major economic releases scheduled for Wednesday.